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12/10/2017

The economic and societal challenges faced by Europe must be turned in the right direction – a progressive direction – in order to reduce inequality as well as promoting growth. This is the main conclusion of a major PES conference entitled ‘Reinventing the European economy’, at which UN special advisor Jeffrey Sachs was the keynote speaker.

In his address to delegates gathered in Brussels, Mr Sachs said:

"Social democracy is the beating heart of decency on our planet. It is the only philosophy to realise that we need economic development, we need it to be fair and we need it to be green. The secret to success for social democracy is investment, not cuts — and in that context, public investment has a huge role to play."

Delegates at the conference also discussed ways to achieve greater social convergence through focused investment, closing the gaps between different regions of the EU as well as between women and men across Europe. Globalisation, climate change and technological change were also high on the agenda, all of which offer not only challenges but also opportunities for new, high-quality jobs, sustainable growth and reduced social inequality if progressive responses are adopted.

And reform of the eurozone was raised as a priority, with proposals to democratise economic governance, fight tax avoidance, and integrate social priorities into economic policy-making — not only by proclaiming a European social pillar later this year, but also following up with a much-needed social action plan.

"This will not happen by itself," said PES president Sergei Stanishev.

"We socialists and social democrats are the ones who must take action to bridge inequalities, eliminate injustice, and stand up for ordinary people in an increasingly challenging economic world. Our top priority is for decent jobs with decent remuneration for everyone.

"That’s why we must use all our political power to fight for the European pillar of social rights to be proclaimed by the end of the year – and backed up by a clear action plan to make a tangible difference to people’s lives."

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